Jonna Doris Keller (CRD# 1983864) is a registered broker and investment adviser with Osaic Wealth, Inc. in Sarasota, Florida. Our firm is investigating whether customers of Ms. Keller suffered losses due to alleged misrepresentation and unsuitable recommendations involving real estate investment trusts (REITs), other real estate securities, and variable annuities.
Financial Advisor’s Career History
According to a 2025 FINRA BrokerCheck report, Jonna Doris Keller has worked in the securities industry for more than two decades and is currently registered with one FINRA member firm and licensed in approximately 30 U.S. states and territories.
Ms. Keller is presently registered as a General Securities Representative and investment adviser representative with Osaic Wealth, Inc. (CRD# 23131). She has been associated with Osaic Wealth since September 1, 2023, and works from a branch office located at 3340-A Bee Ridge Road, Sarasota, Florida 34239.
Her prior registration and employment history includes:
- SagePoint Financial, Inc. (CRD# 133763), Sarasota, Florida and Phoenix, Arizona – registered as a broker and investment adviser from December 2015 to September 2023.
- SPC (CRD# 110692), Ann Arbor, Michigan – registered as an investment adviser from March 2010 to December 2015.
- Sigma Financial Corporation (CRD# 14303), Sarasota, Florida – registered as a broker from June 2003 to December 2015.
- First Security Investments, Inc. (CRD# 24035), Kingston, Pennsylvania – registered as a broker from December 2000 to June 2003.
- Tower Equities, Inc. (CRD# 16195), Dayton, Ohio – registered as a broker from January 2000 to December 2000.
- American General Securities Incorporated (CRD# 13626), Phoenix, Arizona – registered as a broker from September 1999 to January 2000.
In addition to her brokerage and advisory roles, Ms. Keller has disclosed an outside business activity with First Security Investments of SWF, LLC, where she serves as a managing partner engaged in insurance sales out of the same Bee Ridge Road address in Sarasota, Florida.
Jonna Doris Keller Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck records show that Jonna Doris Keller has three customer dispute disclosures: two customer disputes that were settled and one that is pending as of 2025. These matters involve allegations of misrepresentation, negligence, inadequate supervision, and misleading communications regarding variable annuities and real estate securities, including REITs.
2014 Real Estate Securities Arbitration – Misrepresentation and Negligence (Settled)
A recent customer dispute disclosure reports that a customer filed a FINRA arbitration against Ms. Keller and her former firm, Sigma Financial Corporation, relating to investments made in or around 2014:
- Employing firm at time of events: Sigma Financial Corporation
- Product type: Real estate security (including REIT-type investments)
- Allegations: The FINRA arbitration Statement of Claim alleged misrepresentation and negligence in connection with real-estate-related securities purchased in 2014, and further asserted that the broker-dealer’s supervision of the customer’s account was inadequate. c
- Alleged damages: $300,000.00
- Arbitration forum and case number: FINRA Southeast Regional Office, Case No. 23-03376
- Date notice/process served: December 7, 2023 (firm) and January 8, 2024 (broker).
- Status/Disposition: The arbitration is no longer pending and was settled on March 6, 2025.
- Monetary compensation to customer: $64,250.00
- Individual contribution by Keller: $0.00 – indicating the settlement payment was made by the firm and/or its insurer, not by the broker personally.
While settlements are not findings of wrongdoing, the size of the alleged damages, the nature of the allegations (misrepresentation, negligence, and inadequate supervision), and the fact that a payment was made to resolve the case are significant red flags that investors should understand when evaluating Ms. Keller’s record.
2006 Variable Annuity Misrepresentation Lawsuit – 6% vs. 4% Guarantee (Settled)
An earlier customer dispute disclosure relates to a civil lawsuit filed in 2006 that alleged misrepresentation of a variable annuity product:
- Employing firm at time of events: First Security Investments, Inc.
- Product type: Variable annuity
- Allegations: Customers alleged that an annuity policy was misrepresented as having a 6% guarantee, when it in fact provided only a 4% guarantee.
- Alleged damages: $141,123.00
- Court: Circuit Court of the 12th Judicial Circuit, Sarasota County, Florida, Case No. 06CA1285NC. c8e9b5de-af8c-4b98-9080-90c68ea…
- Date notice/process served: February 15, 2006
- Status/Disposition: The litigation was settled on June 26, 2007, and is no longer pending.
- Monetary compensation to customer: $65,000.00
- Individual contribution by Keller: $25,000.00 from her insurance company.
- Broker’s statement: Ms. Keller reported that her insurance company settled the claim without any admission of wrongdoing, allegedly to avoid substantial legal fees associated with defending the case.
Variable annuity cases often raise questions under FINRA’s suitability and annuity-specific rules, especially where guarantees, income riders, or minimum return features are described in ways that may not match the contract.
2025 Trustee Complaint Over REIT Purchase – Misrepresentation (Pending)
A more recent disclosure shows a pending customer complaint received in May 2025:
- Reporting source: Broker
- Employing firm when conduct occurred: Sigma Financial Corporation
- Product type: Real estate security, specifically a REIT purchase
- Allegations: A trustee alleges that a REIT purchase was misrepresented, suggesting that risks, income expectations, or liquidity limitations may not have been accurately described.
- Alleged damages: $5,000.00 (with the firm indicating that actual damages stemming from the alleged conduct are expected to exceed $5,000).
- Complaint received: May 19, 2025
- Status: Complaint pending; no settlement or adjudication has been reported as of the latest BrokerCheck report.
Because this matter is still pending, the allegations have not yet been proven or adjudicated. However, they continue the pattern of real-estate-related misrepresentation allegations previously raised in the 2014 arbitration.
Summary of FINRA Disclosures for Jonna Doris Keller
Based on the BrokerCheck report, Ms. Keller’s disclosure history can be summarized as:
- Customer dispute – settled (arbitration):
- Year of investments: 2014
- Product: Real estate securities
- Allegations: Misrepresentation, negligence, inadequate supervision
- Alleged damages: $300,000
- Settlement: $64,250 (no individual contribution)
- FINRA Arbitration Case: 23-03376
- Customer dispute – settled (civil litigation):
- Year complaint filed: 2006
- Product: Variable annuity
- Allegations: Misrepresentation of a 6% guarantee instead of 4%
- Alleged damages: $141,123
- Settlement: $65,000 total; $25,000 individual contribution
- Customer dispute – pending (customer complaint):
- Year complaint received: 2025
- Product: REIT / real estate security
- Allegations: Misrepresentation of a REIT purchase
- Alleged damages: Firm expects damages to exceed $5,000; complaint is pending
Investors who purchased real estate investment trusts, other illiquid real estate securities, or variable annuities through Ms. Keller should carefully review their accounts and contracts to determine whether similar misrepresentations or unsuitable recommendations occurred.
Investors should keep in mind that some of these matters have been settled without admissions of wrongdoing, and the pending complaint involves allegations that have not been proven. Nevertheless, multiple disputes spanning variable annuities and real-estate securities over many years may indicate broader suitability and disclosure issues worthy of investigation.
To obtain a copy of Jonna Doris Keller’s full FINRA BrokerCheck report, visit this link: visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Rule 2111 requires that a broker or associated person have a reasonable basis to believe a recommendation is suitable for the customer based on the customer’s investment profile—age, financial situation, risk tolerance, investment objectives, time horizon, liquidity needs, and experience. In cases involving illiquid real-estate securities or REITs, a suitability analysis focuses on whether:
- The customer understood the long holding periods, redemption restrictions, and potential volatility;
- The investment’s risks, income potential, and distributions were accurately described; and
- The concentration in such products was excessive compared to the overall portfolio.
If Ms. Keller recommended REITs or other real-estate securities in 2014 to customers for whom those products were inappropriate—or if she failed to provide accurate and complete information about the risks and liquidity constraints—investors could argue that those recommendations violated FINRA Rule 2111’s reasonable-basis and customer-specific suitability obligations.
FINRA Rule 2330 (Deferred Variable Annuities)
The 2006 lawsuit alleging that Ms. Keller misrepresented a variable annuity as having a 6% guarantee instead of 4% implicates FINRA Rule 2330 (Members’ Responsibilities Regarding Deferred Variable Annuities) and related guidance on variable annuities.
Rule 2330 establishes specific sales practice standards for recommended purchases and exchanges of deferred variable annuities. Among other things, brokers must:
- Have a reasonable basis to believe the customer has been informed of key features such as surrender charges, tax penalties, fees and costs, market risk, and any guaranteed benefits;
- Make reasonable efforts to gather and evaluate the customer’s age, income, investment experience, objectives, time horizon, existing assets, liquidity needs, and risk tolerance before recommending an annuity; and
- Ensure that any representations about guarantees or income features are accurate and consistent with the contract terms.
If an annuity was sold on the promise of a “6% guarantee” that did not match the actual 4% guarantee in the policy, that discrepancy can be viewed as a failure to provide full and fair disclosure, and as a violation of Rule 2330’s requirement to ensure customers understand the product’s actual guarantees, costs, and risks.
FINRA Rule 2010 (Standards of Commercial Honor and Just and Equitable Principles of Trade)
Beyond product-specific rules, the pattern of alleged misrepresentations in both real-estate-related investments and a variable annuity also raises issues under FINRA Rule 2010, which requires members and associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
Rule 2010 is often described as a “catch-all” ethics rule that FINRA uses to sanction unethical conduct that may not fit neatly into a single, product-specific rule violation. Patterns of:
- Repeated misstatements about guarantees or investment features,
- Failure to correct misleading impressions created by prior communications, or
- Recommendations that ignore known customer constraints while benefiting the broker or firm
can all be characterized as inconsistent with the high standards of honesty and fair dealing required by Rule 2010. In arbitration, investors and their counsel frequently cite Rule 2010 alongside suitability and annuity-specific rules to show that a broker’s conduct fell below industry ethical standards.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
